EU Regulator Warns Against Easing Rules To Lure UK Banks

Law360, London (February 8, 2017, 6:18 PM GMT) -- Europe’s top securities regulator on Wednesday warned national watchdogs against a race to the bottom during Brexit as they compete to lure financial firms from London.

Steven Maijoor, chair of the European Securities and Markets Authority, ordered regulators to maintain rigorous standards for financial trading as Britain prepares to quit the European Union by 2019.

“The decision of the U.K. to leave the EU results in increased risks to consistent supervision,” Maijoor told a seminar at the European Parliament in Brussels. “As U.K.-headquartered market participants are...